Finance Division dismisses speculations on IMF Review

ISLAMABAD: The Ministry of Finance has described as misleading and factually incorrect a news item published in a section of the press suggesting that tough prior actions are needed for the International Monetary Fund (IMF)’s 452 million dollar third tranche.

In a statement, it said that it was completely normal for
quarterly reviews to take a few days at times which must never be viewed as
extraordinary.

The statement said, the second and third quarterly reviews would be presented before the IMF Board separately as planned and no decision has been taken for any prior actions.

The statement made it clear that the government’s reform programme supported by the IMF’s Extended Fund Facility is on track.

The third round of talks between the International Monetary
Fund (IMF) and the Pakistani authorities took place on Feb 3 in Islamabad, as
the IMF delegation held separate meetings with the finance ministry officials.

The introductory session of the first phase of talks was
held by Finance Advisor Dr Abdul Hafeez Sheikh. The IMF delegation met with
Sheik Reza Baqir, governor of Pakistan’s state bank, and Nosheen Javed, acting
chairman of the Federal Revenue Board (FBR).

Speaking to the media, Sheikh had said Pakistani rupee had
stabilized, funding for the Kafalat program had doubled, while international
investors were arriving as well.

Speaking about inflation, the finance advisor had said
several decisions were made to curb inflation. The government had granted Rs7
billion subsidy to utilities stores and 72 per cent of consumers of electricity
receive subsidy, he had informed.

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